Chipotle lovers, your beloved burritos may soon lighten your wallets a bit more. On Wednesday, Chipotle's chief corporate affairs officer, Laurie Schalow, confirmed to reporters that the chain has implemented a modest 2% price hike, their first in over a year, to compensate for inflation. This announcement followed Truist Securities’ findings in a report where they observed a similar 2% price spike across one-fifth of the Chipotle outlets they surveyed.

Food prices have seen a rise recently, with critical ingredients that Chipotle relies on for its menu - such as dairy, beef, and avocados - also becoming costly. Analyst Brian Vaccaro from Raymond James reported to Reuters that the timing of the hike is a favourable indicator of existing demand trends.

However, the fast-food chain has had other challenges in recent times. CNBC reported recently that Chipotle missed its most recent revenue forecasts despite steady traffic. Furthermore, the Truist Securities report suggested that the brand's demand has shown signs of slowing down.

Additionally, over the summer, the company faced controversy for 'shrinkflation' when some patrons, led initially by TikToker Keith Lee, accused it of serving smaller portions. This led to a self-admitted partial confirmation from the company after carrying out an internal review.

In a July earnings call, the then-CEO Brian Niccol highlighted the company's intention to maintain its large portion sizes which he referred to as the 'key equity of Chipotle'. According to Niccol, around 10% or more restaurants deemed as outliers needed to retrained and re-coached to adhere to the company's standards. Niccol assured that there was no conscious effort to reduce the portions. He emphasized that customer feedback drove a review of portions across the chain, aiming to consistently serve guests with generously portioned, tasty, and fresh burritos and bowls.

With this confirmed hike in prices, it remains to be seen whether customers will believe the increased costs are justified for the generous portion sizes they enjoy.